What is a Mortgage Modification?

​ A Mortgage modification is a process where the terms of a mortgage are modified from the original contract terms agreed to by the lender and borrower. ​ Many clients initiate a mortgage modification when they are late on a mortgage payment and need a way to restart their mortgage with a monthly payment they can better afford. Some of the advantages of a mortgage modification are: Lower your mortgage payments, Lower interest rates, Forebear some of the principal balance, Extend the length of the loan, Change the interest rate from a variable to a fixed to avoid mortgage foreclosure. To learn more, give us a call!